Petrol and diesel rates were hiked in metros on Friday, with diesel remaining costlier than petrol in Delhi for a third straight day. With the latest hike, diesel prices have been increased for 20 days in a row, ever since state-owned oil companies returned to the normal practice of daily reviews following a 12-week hiatus. In the national capital, the price of petrol was increased to Rs 80.13 per litre with effect from 6 am from Rs 79.92 per litre, and the rate of diesel was raised to Rs 80.19 per litre from Rs 80.02 per litre, according to notifications from state-run Indian Oil Corporation, the country’s largest fuel retailer.
On June 7, state-run oil marketing companies Indian Oil, Hindustan Petroleum and Bharat Petroleum – which account for the majority of petrol and diesel outlets in the country – restarted the normal system of daily price reviews in line with costs following an 82-day hiatus.
Global oil rates have regained some ground from March lows as the easing of restrictions on transport and industrial activity to curb the spread of the coronavirus pandemic boosted fuel demand around the globe. Brent crude futures had hit a 21-year low of $15.98 per barrel in April.